Align Technology (NASDAQ:ALGN) Shares Gap Up Following Analyst Upgrade

Align Technology, Inc. (NASDAQ:ALGN) shares gapped up prior to trading on Thursday after Evercore ISI raised their price target on the stock from $240.00 to $260.00. The stock had previously closed at $216.36, but opened at $227.46. Evercore ISI currently has an outperform rating on the stock. Align Technology shares last traded at $224.96, with a volume of 302,677 shares.

Several other brokerages have also recently commented on ALGN. Needham & Company LLC reaffirmed a “hold” rating on shares of Align Technology in a research report on Thursday. Mizuho began coverage on Align Technology in a research note on Wednesday, December 4th. They set an “outperform” rating and a $295.00 target price on the stock. Leerink Partnrs raised shares of Align Technology from a “hold” rating to a “strong-buy” rating in a research report on Monday, January 6th. Robert W. Baird lowered their price objective on shares of Align Technology from $325.00 to $276.00 and set an “outperform” rating on the stock in a research report on Thursday, October 24th. Finally, Bank of America increased their target price on shares of Align Technology from $200.00 to $206.00 and gave the stock an “underperform” rating in a research report on Friday, December 13th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $271.40.

Institutional Trading of Align Technology

A number of institutional investors and hedge funds have recently made changes to their positions in ALGN. True Wealth Design LLC lifted its holdings in Align Technology by 10,700.0% in the 3rd quarter. True Wealth Design LLC now owns 108 shares of the medical equipment provider’s stock worth $27,000 after purchasing an additional 107 shares during the last quarter. Neo Ivy Capital Management acquired a new stake in shares of Align Technology in the third quarter worth $32,000. Private Trust Co. NA boosted its holdings in shares of Align Technology by 113.4% during the 4th quarter. Private Trust Co. NA now owns 175 shares of the medical equipment provider’s stock worth $36,000 after buying an additional 93 shares during the period. CVA Family Office LLC raised its holdings in Align Technology by 85.2% in the 3rd quarter. CVA Family Office LLC now owns 150 shares of the medical equipment provider’s stock worth $38,000 after acquiring an additional 69 shares during the period. Finally, Mather Group LLC. raised its holdings in Align Technology by 51.6% in the 3rd quarter. Mather Group LLC. now owns 185 shares of the medical equipment provider’s stock worth $47,000 after acquiring an additional 63 shares during the period. Institutional investors and hedge funds own 88.43% of the company’s stock.

Align Technology Stock Performance

The stock’s 50-day simple moving average is $221.70 and its two-hundred day simple moving average is $226.10. The stock has a market cap of $15.72 billion, a price-to-earnings ratio of 35.93, a price-to-earnings-growth ratio of 4.80 and a beta of 1.67.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings data on Wednesday, February 5th. The medical equipment provider reported $1.96 earnings per share for the quarter, missing the consensus estimate of $2.43 by ($0.47). Align Technology had a return on equity of 13.99% and a net margin of 11.15%. As a group, research analysts predict that Align Technology, Inc. will post 7.47 earnings per share for the current year.

About Align Technology

Align Technology, Inc designs, manufactures, and markets Invisalign clear aligners, and iTero intraoral scanners and services for orthodontists and general practitioner dentists in the United States, Switzerland, and internationally. The company's Clear Aligner segment offers comprehensive products, including Invisalign comprehensive package that addresses the orthodontic needs of younger patients, such as mandibular advancement, compliance indicators, and compensation for tooth eruption; and Invisalign First Phase I and Invisalign First Comprehensive Phase 2 package for younger patients generally between the ages of six and ten years, which is a mixture of primary/baby and permanent teeth.